Lloyds Banking Group will put thousands of its staff at risk of dismissal, with the UK bank’s lowest performers set to be told their work must improve or they face the axe.
The bank plans to overhaul how it manages the performance of its 63,000 employees, according to people with knowledge of the plans, with about 3,000 people deemed among the bottom 5 per cent set to be put at risk of dismissal. Around half of those could lose their jobs, the people added.
The new approach, which was discussed at a recent meeting of the bank’s group executive committee, comes as chief executive Charlie Nunn enters the final phase of his plans to cut costs at the UK lender and diversify its sources of income.
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